Are you a home owner who can no longer afford your home due to either a job loss, pay cut, divorce, medical reasons, job relocation, etc? Do you want to sell, but realize you owe more than what your home is worth? Are you already behind on your payments or just realize that a default is eminent?
If you answered yes to any of the above, we can help. There are many reasons in this economy, none of which to be ashamed of, where your financial situation may have changed to where you can no longer afford your home. If it appears to just be a temporary issue and you prefer to keep your home, then I stress that you really should speak with your lender to find out what options they can offer. They may be able to give you a temporary break from payments or temporarily reduce your payment until you get back on your feet again. However if it appears to be a long term issue, it may be best to sell your home, get rid of the poor equity situation you are currently in, downsize into a more affordable home or rental and give yourself time to regroup and strengthen your financial situation before purchasing again in the future.
If you have made the decision to sell or just have more questions on the process, please don't hesitate to contact me immediately at (614) 300-2900 Ext 103. The sooner you choose to do something, the better. As a matter of fact I've helped families sell their home on short sale who were able to repurchase another home immediately. This is only possible if you are pro-active and seek help before falling behind on your payments. If you have already fallen behind on your payments, repurchasing may not be an option right away but I can help you locate a home to lease or lease/purchase if needed.
About Me:
My name is Kevin Coffey, with Keller Williams Consultants Realty. I operate a team that consist of myself, a buyers specialist, a marketing coordinator and a processing coordinator. I have been licensed since 2002. Prior to working in real estate I was a loan officer for a few different lenders for 6 years. I was raised in the Galloway area, but have lived in Dublin, Grove City and Westerville.
Why do I choose to specialize in short sales?
This is a great question. Most agents avoid short sales like the plague. As a matter of fact, many other realtors actually refer their short sales to me because they don't understand them or want to hassle with them. There is a lot of detailed work that is involved, it takes a lot of follow up with the lenders, the seller and the buyers and it could take the lender anywhere from 30 - 90 days to approve them. This on top of the fact that many times the lenders will reduce our commissions, even though there is more worked involved. So again, why do I specialize in short sales? Well the answer to that isn't because I'm a charitable person that likes a lot of headaches. Sorry. The answer is because I am great at getting them done. My success rate is over 90%. In this market, I would rather have homes that I know I will be 90% successful at selling than the typical success rate of the local real estate board which is under 30%. Actually on that note, nationally less than 30% of short sales get approved. Yet again I am over 90% successful. Plus I actually do appreciate the fact that I am helping individuals or families move past a difficult time so they can begin to see the light at the end of the tunnel. The hardship you are going through is bad enough as it is. You don't need a realtor who doesn't understand what they are doing to make it even worse.
Why choose me rather than your friend who is an agent or an agent that you've used in the past?
This is an easy one, short sales are not for amateurs. I remember the first short sale negotiation I completed back in 2004. From the time I listed the home to the time we actually closed It honestly took me over 14 months and 4 different buyers. It was a divorce situation with 3 children involved and everyone was stressed out. I kept calling the lender and complaining to their managers and beating my head on my desk each and everyday. Then a buyer would back out because it was taking so long, so I had to start all over again. I had no idea what I had gotten myself in to. That was a huge learning experience. I could have easily done what 99% of all other agents have done since...never do another short sale again! But I didn't. I decided to figure out what mistakes I made and how I could make the process easier for all involved. I have continued to improve my process and strategy since and now after dozens of negotiations later, other agents refer me short sales because they know I will get it done and everyone will be happier for it. So please don't just pick an agent out of a phone book or let any agent you know try this for you. The truth is, your friend who is an agent or the agent you used in the past will probably thank you for it.
Why sell your home on short sale rather than let it foreclose?
There are a few reasons why it is better to do a short sale rather than get foreclosed on. First for credit reasons, it is much less damaging to your credit. A short sale can be anywhere from a 50 - 100 point reduction, however a foreclosure typically is a 200+ point reduction taking years before your credit score recovers. Secondly a foreclosure can drag on for months or years compounding your problem with late payments. Then once the home is "judicially" foreclosed on it may take a few more months before a sheriff sale and then the eventual recording of the sale. Not only is this process stressful and emotionally draining, it also means that your credit won't begin to make a recovery until after it has been recorded. With a short sale your recovery period begins roughly 90 - 180 days after you call me verses with a foreclosure it may be years down the road before the recovery begins. Thirdly, depending on the type of loan you have the lender may be able to come after you for a "deficiency judgment". This is where they take you to court for the loss that they incurred through the foreclosure. With a short sale typically the lender will send you a 1099 at the end of the year so that you have to claim the loss as income. However through the end of 2012 most or all of this income may be able to be waived through what is called The Debt Relief Act. So this year is a vital year to complete a short sale if you are on the fence. Lastly, with certain types of loans there is actually a financial incentive from the lender of $750 - $1,500 for you to do a short sale. They call it a relocation fee. So in case you didn't catch that, your lender will actually pay you to do a short sale! So basically you are paid to seek help.
Successful Short Sales (just a sample):
- Grove City, Owed $169,244 - lender accepted a net of $129,700 = $39,544 loss.
- West Jefferson, Owed $93,380 - Lender accepted a net of $80,720 = $12,660 loss.
- Westerville, Owed $143,500 - Lender accepted a net of $125,420 = $18,080 loss.
- Grove City, Owed $152,000 - Lender accepted a net of $116,840 = $35,160 loss
- Delaware, Owed $175,000 - Lender accepted a net of $156,400 = $18,600 loss.
- Whitehall, Owed $86,450 - Lender accepted a net of $58,880 = $27,570 loss.
- Grove City, Owed $128,200 - Lender accepted a net of $103,800 = $24,400 loss.
- Groveport, Owed $158,200 - Lender accepted a net of $126,960 = $31,240 loss
- Grove City, Owed $211,906 - Lender accepted a net of $156,400 = $55,506 loss.
- Galloway, Owed $184,000 - Lender accepted a net of $124,200 = $59,800 loss.
- Blacklick, Owed $130,579 - Lender accepted a net of $91,080 = $39,499 loss.
- Pataskala, Owed $232,423 - Lender accepted a net of $162,600 = $69,823 loss.
- Columbus, Owed $111,920 (1st) & $27,980 (2nd) - Lenders accepted a net of $88,160 & $2,000 = $49,740 loss
- Dublin, Owed $204,300 - Lender accepted a net of $174,800 = $29,500 loss.
- Clintonville, Owed $215,180 - Lender accepted a net of $156,400 = $58,780 loss.
- Grove City, Owed $133,440 (1st) & $33,360 (2nd) - Lender accepted a net of $105,479 & $1,000 = $60,321 loss
- Grove City, Owed $296,378 - Lender accepted a net of $207,750 = $88,628 loss.
Again this is just a sampling of the many short sales I have negotiated. If you have additional questions or just feel you are ready to get started, please complete the form below or give me a call at (614) 300-2900 Ext 103.
Best Regards,
Contact Us: (614) 300-2900
